Officials have found a new chief to take the helm at UNC Management Company Inc., a private organization that pilots the University's $1.1 billion endowment.
Jonathon King, associate vice president for investments at Dartmouth College, will begin serving as president and chief executive officer of the management company starting Jan. 1, 2005, officials announced late Friday.
"I was at a point that I was looking for a new challenge," King said. "I hold UNC in the highest regard. It is obviously one of the greatest state universities in the country."
The appointment marks the first change in command at the company since it formed two years ago to advise officials on how to invest the University's endowment.
The endowment, which provides a stable source of funding at UNC to support scholarships, professorships, departments and academic programs. In 2002, that amounted to $24.7 million.
Mark Yusko resigned from his post as the chief executive officer of the company last June after serving as the University's chief investment officer for six years. During his tenure he centralized the University's investments and crafted one of the nation's preeminent investment models for higher education.
But a split vision for the University's long-term investments pushed Yusko to pursue a career in the private sector and officials to begin the search for a new president and CEO. Yusko wanted the University to manage outside investments, but the investment fund board held that the company should only manage money within the UNC system.
Officials now have found a candidate to sign on to their investment philosophy.
"Managing outside money is no longer an option," said Tim Burnett, chairman of the UNC Management Company's Board of Directors. "All of that was covered. ... The people at the UNC Management Company are going to manage the assets of the UNC system."